ACCOUNTING 202 - FUNDAMENTALS OF MANAGERIAL ACCOUNTING PROFESSOR STEVE MARKOFF SEPTEMBER CORPORATION September Corporations manufactures widgets, which they sell for $500 each. At the beginning of the period, there were 1,000 units in finished goods inventory, while there were 800 units in the ending finished goods. Production for the period was 4,000 units for the year ended December 31, 2021: The following information is available: Raw materials purchased $ 300,000 Beginning raw materials inventory 45,000 Ending raw materials inventory 70,000 Direct labor 200,000 Overhead: Indirect labor $ 40,000 Rent on factory 42,000 Depreciation on factory equipment 60,000 Utilities, factory 12,000 154,000 Selling expenses: Sales salaries $ 90,000 Sales commissions 110,000 $ 200,000 Administrative expenses 250,000 Beginning work in process 13,000 Ending work in process 15,000 Beginning finished goods 80,000 Ending finished goods 115,000 Selling expenses: Sales salaries $ 90,000 Sales commissions 110,000 $ 200,000 Administrative expenses 250,000 Beginning work in process 13,000 Ending work in process 15,000 Beginning finished goods 80,000 Ending finished goods 115,000 REQUIRED: 1) Prepare a Schedule (Statement) of Raw Materials Used. NOTE: THE EXAMPLE IN THE BOOK SHOWS A LINE SAYING "LESS INDIRECT MATERIALS." IGNORE THAT. WE WILL ASSUME THAT THE ONLY MATERIALS IN THAT INVENTORY ARE DIRECT MATERIALS USED IN PRODUCTION. 2) Prepare a Schedule (Statement) of Cost of Goods Manufactured (CGM). In plain English, what is CGM? 3) Prepare a Schedule (Statement) of Cost of Goods Sold. In plain English, what is CGS? 4) Prepare an Income Statement for external purposes. (You may stop at Operating Income) 5) NOTE: As we do the above, the professor will do journal entries by posting the above to T accounts. It is HIGHLY RECOMMENDED that you TRY DOING THIS even though it has not been covered in the book YET